Banking
Ecobank Nigeria Reaffirms Support for Agric, SMEs
By Modupe Gbadeyanka
Stakeholders in the agriculture and the Small and Medium Enterprises (SMEs) sectors of the economy have been assured unwavering support by Ecobank Nigeria.
This assurance was given by the bank at the Ecobank Webinar held recently in Lagos, where policymakers also expressed their commitments to the growth of the two vital industries.
The current global health pandemic, which has crippled the world economy, has again shown the relevance of the agric and SMEs to the development of any nation.
Speaking at the event, the Head of SME at Ecobank Nigeria, Mr Emeka Agada, stressed that Ecobank recognises that one of the ways of creating jobs, reducing poverty and achieving economic growth and development was by the timely extension of credit to businesses, noting that the bank is a big player in financial intermediation in that sub-sector.
During his presentation tagged Harnessing CBN and other funding opportunities for small and medium enterprises in the emerging economic climate, Mr Agada assured that the lender will continue to harness and explore the various CBN intervention schemes and other funding and trade opportunities provided by Ecobank Nigeria for small businesses.
He further added that Ecobank has also made available solutions that enhance trade through the provision of working capital and digital platforms for payments and collections.
“Ecobank is a major player in the SME space. We have won several awards in this regard. Which is why Ecobank is commonly referred to as the SME friendly bank.
“We will continue to partner with CBN and other funding partners to play the important role of promoting economic growth and development through the process of financial intermediation in the sub-sector under any circumstance,” he said.
Mr Agada listed business loans offered by Ecobank to SMEs as merchant advance for businesses using digital collection channels, inventory finance for key distributors, shop owners’ facility for traders, purchase order and invoice discounting, asset finance, agriculture finance amongst others.
He further stated that the bank also supports trade by providing solutions for facilitating onshore and off-shore activities such as export finance, import finance, bonds, guarantees, small scale import forex via form Q etc.
He further stated that Ecobank is also a major participant in the CBN Interventions such as Creative Industry Initiative (CIFI), Healthcare Intervention Fund, Real Sector Support Facility (RSSF) and all Agric related intervention funds amongst others.
On her part, the Head of AgriBusiness at Ecobank Nigeria, Ms Moji Oguntoyinbo, while presenting a paper titled Harnessing CBN and other Ecobank funding opportunities for Agric business in the emerging economic climate, said Ecobank is sustaining its commitment to the agriculture sector in partnership with NIRSAL and some other developmental institutions in the next two to three years.
According to her, Ecobank is a partner with the CBN in all its intervention schemes and programs which are focused on the development of the agricultural sector, saying “this relationship is generating activities across the entire value chain of the sector.”
She listed the various schemes and programs as Anchor Borrowers Programme (ABP), Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL), Commercial Agriculture Credit Scheme (CACS), Micro, Small and Medium Enterprises Development Fund (MSMEDF), Real Sector Support Facility (RSSF), Paddy Aggregation Scheme (PAS), Maize Aggregation Scheme (MAS) and Rice Distributors’ Facility (RDF).
This edition of the Ecobank Webinar series is an initiative of Ecobank Commercial Banking business, aimed at deepening conversation on the new normal for businesses and how individuals can harness new opportunities in the face of COVID-19.
The virtual engagement attracted participation from amongst various Ecobank customers comprising, individuals and business owners from different sectors of the economy and financial experts who joined across virtual platforms and social media handles.
Ecobank’s unique and largest pan-African platform is designed to help unlock the opportunities of the continent and for the continent, through standardisation, fuelling regional integration, trade and investment across borders.
Due to its sterling performance, the bank has been recognized multiple times; as ‘Best Retail Bank in Africa 2019’ by the African Banker Awards and also as ‘Most Admired Financial Services Brand in Africa 2019’ by Brand Africa 100”.
By Modupe Gbadeyanka
About N2 billion is expected to be used to finance renewable energy products for customers by the end of 2026 in an effort to accelerate Nigeria’s clean energy transition.
To meet this goal, Sterling Bank is launching Sterling Solar Financing Hubs inside StarTimes retail outlets to embed on-the-spot solar financing at the point of purchase.
From the N2 billion earmarked for this initiative, N600 million has already been used up.
Under this programme, customers can now walk into participating outlets, select their preferred solar solution, receive financial guidance from dedicated Sterling Solar Financing Advisors, and begin the financing process immediately, subject to the bank’s credit assessment.
The first phase of the rollout commenced this July with five Solar Financing Hubs across Lagos, located in Lekki, Ikeja, Festac, Surulere, and Victoria Island.
The network will expand rapidly to 46 StarTimes outlets nationwide before the end of the third quarter of 2026, with a view to extending the model to more than 200 StarTimes locations nationwide.
Both parties have promised to continue working together to democratise access to clean energy financing, empowering more Nigerians to solarise their homes and businesses while contributing to a greener future.
“Sterling exists to enrich lives, and we believe that access to clean, reliable energy should be within everyone’s reach. Through this partnership with StarTimes, we are democratising access to solar by bringing financing directly to the point of need, enabling more families and businesses to transition to sustainable energy without the burden of prohibitive upfront costs. This is about unlocking opportunity, improving livelihoods, and powering Nigeria’s future,” the Divisional Head of Renewable Energy and Mobility at Sterling Bank, Mr Darlington Nwankwo, said.
Also commenting, the Vice President of StarTimes Nigeria, Mr Eric Xiao, said, “With the rollout of the Sterling Solar Financing Hubs, we are doing more than just selling solar products; we are building a sustainable energy ecosystem. By integrating StarTimes’ extensive service network with Sterling Bank’s professional financial services, we are significantly lowering the barrier for Nigerian households and small businesses to access clean energy.
“Moving forward, we will continue to deepen this partnership, ensuring that more Nigerians can enjoy reliable, affordable, and smart energy solutions, ultimately turning our vision of energy accessibility into a reality for all.”
By Modupe Gbadeyanka
The Nigeria Business Summit Regional Tour of Stanbic IBTC Bank made a detour to Jogor Centre, Ibadan, Oyo State, on Wednesday, July 15, 2026, to empower Micro, Small, and Medium Enterprises (MSMEs).
The event brought together business leaders, development partners and government representatives to discuss pathways for sustainable enterprise development across the South-West.
Participants engaged in practical masterclasses on export opportunities; access to finance and business growth strategies; gaining actionable insights into market expansion; trade documentation; credit readiness; financial record-keeping; and structured financing solutions designed to support long-term business success.
The Head of Enterprise Banking at Stanbic IBTC Bank, Ms Olajumoke Bello, informed participants that the programme is part of the lender’s commitments to supporting MSMEs through practical business education, strategic partnerships and improved access to growth opportunities.
The Executive Director of Business and Commercial Banking at Stanbic IBTC Bank, Mr Remy Osuagwu, on his part, said, “Our ambition is to be more than a financial institution to Nigerian businesses. We want to be a trusted growth partner, providing the financing, business insights and advisory support entrepreneurs need to build sustainable enterprises and unlock new opportunities.”
Similarly, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, who reinforced the company’s commitment to enterprise development, highlighted the importance of providing businesses with the right support structures to enable sustainable growth and long-term competitiveness.
“At Stanbic IBTC, we believe that sustainable economic growth depends on the success of small and growing businesses. That is why we are focused on providing access to finance, practical advisory support and the connections businesses need to move from ambition to scale,” he stated.
The Oyo State Commissioner for Investment, Trade, Cooperatives, and Industry, Professor Soliu Adelabu, said the initiative was designed to support businesses and strengthen the state’s entrepreneurship ecosystem, praising the bank for its support for traders, entrepreneurs, and artisans in the state.
The Permanent Secretary in the Oyo State Ministry of Women Affairs and Social Inclusion, Mrs O.M. Shotonwa-Roagess, highlighted the importance of strategic partnerships in expanding economic opportunities for women and vulnerable groups across Oyo State. She noted that the ministry remains open to collaborating with organisations such as Stanbic IBTC, development partners and the private sector to drive financial inclusion, entrepreneurship and sustainable economic empowerment.
The Nigeria Business Summit Regional Tour forms part of Stanbic IBTC’s broader commitment to empowering entrepreneurs through capacity building, financial inclusion and strategic business support, helping enterprises unlock new opportunities for growth and long-term success.
The Ibadan leg built on the momentum of previous tour stops in Katsina and Aba.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
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